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Phillips Equipment has 6,500 bonds bond that pay $64 in interest annually. The face value is $1,000 and the current market price is $1,062.50. The

Phillips Equipment has 6,500 bonds bond that pay $64 in interest annually. The face value is $1,000 and the current market price is $1,062.50. The bonds mature in 30 years. What is the yield to maturity for these bonds? (round your answer to two decimal places).

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